According to a recent report from Bloomberg, citing sources familiar with the company's plans, Microsoft is readying their successor to the Xbox 360 console for a holiday 2013 release. However, it appears they're still trying to decide when they should announce the new gaming console.

Apparently the new console, supposedly named Xbox 720, is planned for Thanksgiving and Christmas sales, most likely in an attempt to capitalize on consumer's Black Friday spending habits. As far as the official reveal is concerned, Microsoft has yet to decide whether or not the new Xbox should be announced at an industry event like the Electronic Entertainment Expo in June, or a separate event dedicated entirely to the new hardware.

If Microsoft is in fact hesitant to decide on when or where to unveil their rumored upgrade, it could have something to do with the Xbox 360's sales numbers during the Black Friday sales period. Microsoft claims they sold 750,000 consoles during the holiday shopping event, outselling Nintendo's brand new Wii U by about 350,000 units and Sony's PlayStation 3 by an estimated 225,000 units. Why release new hardware when the 7 year old console on shelves is still selling so well?